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Multiple Myeloma Research Foundation

CharityWatch report issued
May 2019

Top-Rated Charity
A+
CharityWatch Grade
Our independent grade based
on a number of factors.
 
91%
Program Percentage
Amount spent on programs
relative to overhead.
 
$6
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Multiple Myeloma Research Foundation
383 Main Ave.
5th Floor
Norwalk, CT 06851

Other Names

None

Tax Status

501(c)3

Website

www.themmrf.org

Stated Mission

To find a cure for multiple myeloma by relentlessly pursuing innovation that accelerates the development of next-generation treatments to extend the lives of patients.

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Data based on Fiscal Year Ended 12/31/2017

Program Percentage: 91%

The percentage of Multiple Myeloma Research Foundation's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$31,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $6

How many dollars Multiple Myeloma Research Foundation spends on fundraising to raise each $100 of contributions.

$40,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

Entity Document Type Tax ID
Multiple Myeloma Research Foundation & Subsidiaries Audited Consolidated Financial Statements Multiple
Multiple Myeloma Research Foundation IRS Form 990 06-1504413
Entity: Multiple Myeloma Research Foundation & Subsidiaries
Document Type: Audited Consolidated Financial Statements
Tax ID: Multiple
Entity: Multiple Myeloma Research Foundation
Document Type: IRS Form 990
Tax ID: 06-1504413

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
 
Multiple Myeloma Research Foundation
meets governance benchmarks.
 
Multiple Myeloma Research Foundation
meets transparency benchmarks.
Transparency
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy Opt-Out Policy  

  Name Title Compensation
1 Paul Giusti President/CEO $555,435
2 Robert Miani CFO $332,592
3 Kathy Giusti Strategic Advisor $327,754
1
Name: Paul Giusti
Title: President/CEO
Compensation: $555,435
2
Name: Robert Miani
Title: CFO
Compensation: $332,592
3
Name: Kathy Giusti
Title: Strategic Advisor
Compensation: $327,754

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2017 (Note 3, Concentrations):

"In 2017 and 2016, one donor, who is a board member, contributed approximately $10,000,000 and $10,160,000 or 29% and 39% of contributions, respectively."


According to the MMRF consolidated audit of December 31, 2017 (Note 7, Related Party Transactions, Board of Directors):

"For the years ended December 31, 2017 and 2016, the MMRF received contributions from the members of the board of directors totaling approximately $10,500,000 or 30% and $10,225,000 or 39% of total contributions, respectively..."
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2017 (Note 2, Contributed Services), MMRF received donated services in 2017 on which it placed a total value of approximately $295,000.

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]
According to the Multiple Myeloma Research Foundation (MMRF) 2017 tax filing, MMRF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):

"The following employees received a bonus from the organization. Each bonus was based on the discretion of the compensation committee of the board of directors. Each bonus was based upon a review of the individual's performance, and approved by the compensation committee prior to being awarded."

The employees, along with their reported bonus and total compensation amounts in 2017, are as follows (IRS Form 990, Schedule J, Parts II & III; Form 990, Part VII):

(1) Paul Giusti, President & CEO: $126,000, with reported total compensation of $555,435;
(2) Kathy Giusti, Founder & Strategic Advisor: $75,000, with reported total compensation of $327,754;
(3) Robert Miani, CFO: $79,700, with reported total compensation of $332,592;
(4) Karen Dietz, Secretary & In-House Counsel: $15,000, with reported total compensation of $165,068;
(5) Anne Quinn Young, Senior VP of Marketing: $25,000, with reported total compensation of $236,618;
(6) Daniel Auclair, Senior VP of Research: $25,000, with reported total compensation of $232,122;
(7) Laura Gilman, VP of Events: $15,000, with reported total compensation of $182,547;
(8) Alicia O'Neill, Director of Events Business Development & Partnerships: $12,000, with reported total compensation of $168,118;
(9) Karen Woolley, Clinical Operations Manager: $7,500, with reported total compensation of $144,787;
(10) Mary Derome, Director of Medical Communications & Education: $5,500, with reported total compensation of $141,278; and
(11) Margaret Furlong, Associate Director of Clinical Operations: $10,000, with reported total compensation of $165,337.

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